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DerekT

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  1. Thanks
    DerekT got a reaction from nicholas_b in SIC codes   
    As EvolutionBlogger has stated, lenders don't really like mixing the businesses in the event your training company runs into trouble, they don't want any links to it. 
    Best to set up 2 separate companies with the relevant SIC codes to give you access to more lenders. Will mean extra accounting costs however. 
  2. Like
    DerekT got a reaction from Therealhyper in If I clear my mortgage, does it put me in a better position to re-finance in the future   
    I guess it depends on your risk appetite and plans for the future. You have to weigh up the benefits of repaying the mortgage (e.g. security, no further repayments) against the costs  of doing so (e.g. opportunity cost - what else could you use the funds for, can you invest in something that might exceed your current mortgage rate?).
    The re-financing query is probably a query for your broker, will depend on your circumstances and financial position at the time you wish to draw down the funds. Will you still be in employment? What lenders will be available?  What will you be using the refinanced funds for? 
  3. Like
    DerekT got a reaction from Mark Rocks in BTL area hunt in Machester   
    I remotely invest in Crewe from London and haven't had any issues up there in terms of properties or tenants. It was good to read the article about it in the Hub magazine. 
    The council created this video of the regen programme currently underway, which includes the HS2 hub and town centre development. Whether or not it actually happens in light of Covid, Brexit and the HS2 costs, we'll have to wait and see. However, it does look promising.
     
  4. Like
    DerekT got a reaction from Mark Rocks in How to see new property developments in your area?   
    Try the local planning portal where you should be able to view all the planning applications. Looks like the one for NCC is here: https://www.nottinghamcity.gov.uk/planningapplications
    Not sure if there's a quick way of viewing it, but you might have to scroll through them month on month to see applications for new builds. 
    Alternative, call up some local agents and see if they're aware of any as developers will most likely look to sell a few off plan to help with finances. 
  5. Like
    DerekT got a reaction from Mark Rocks in Market rent   
    Congrats on the purchase Nicholas, hope the process to completion is a smooth one. 
    Tax wise it'll be based on the rental income received, less the expenses. 
    As for the 'mates rates', just be sure everything's documented in the AST as you've mentioned, and everything is adhered to as a landlord (e.g. deposit protected, right to rent check, how to rent leaflet etc). This will cover you in the unfortunate event that things turn sour in your relationship with your friend/acquaintance. Seen on some occasions on shows like 'Nightmare Tenants' where the tenant takes advantage of the discounted rent and can't be evicted properly as the landlord didn't follow the correct procedures. 
  6. Like
    DerekT got a reaction from shaz20 in Regent Management   
    Hi Shaz
    Haven't heard of them, but based on a brief Google, is it this one in Leeds? If so, their accounts look healthy with properties and cash at bank, and they've been around for a while.
    As always, make sure the property ticks all your boxes and aligns with your objectives as that's probably more important long-term than the managing agent as they're more easy to switch than the actual property.
  7. Like
    DerekT got a reaction from giles s in November lockdown   
    Property market not impacted by the second lockdown - https://www.propertyreporter.co.uk/property/ousing-market-escapes-lockdown-20.html
    Will just depend on the solicitors and banks as usual. 
  8. Like
    DerekT got a reaction from nikkiw in Hello from Australia!   
    Hi Nikki
    Hope you're enjoying Oz! Whereabouts are you? Hope you're not locked down in Melbourne. 
    I'm originally from Sydney, been in London for 10+ years now and like you, have a young family (a daughter). I have a couple of investments up north in Crewe so it's a bit tricky trying to expand the portfolio when you need time to view and chat to the agents. 
    If you put in some time upfront, build the relationships, then it makes it a little easier. You can outsource the management to a local agent, especially if you've built the rapport and relationship. You can also hire locals to view properties for you, or use services like Viewber to do them. There are some weekends when you train / drive up to the investment area to check in, but maybe you can make it a family weekend trip or something. 
    As you educate yourself, if you know of an area you're interested in, best thing to do is to track properties you see on RightMove. By the time you return and are ready to invest, you'll have a decent catalogue of previous properties that have sold, so know what they listed for, what they sold for, specs and condition they were in, the local agents that sell the most, rental prices etc. You'll have a picture of what's a good and bad deal. 
    Good luck in your property journey, and enjoy the Aussie summer!
  9. Like
    DerekT got a reaction from nikki2403 in Accountant fees   
    If you're planning to develop a large portfolio of properties, then might be prudent to get some tax advice upfront to ensure it's set up correctly and in a tax-efficient manner. Easier to establish when it's early days than trying to unwind things at a later date. 
    Perhaps pay for one-off advice at the start, or assistance to submit the first year's accounts. Maybe try to do your own at the same time and see if it matches up with the accountant's figures. Then ask loads of questions about it and if you're confident enough give it a crack yourself the following year.
    Don't forget, you can expense the tax advice.
  10. Like
    DerekT got a reaction from kn in KN   
    Sounds reasonable, but no use asking us on a forum, ask your JV partner! Is your husband 'qualified' or experienced with refurbs? Is the JV partner comfortable with your husband's standard of work? If so, then happy days. 
    As long as you're both aware of the responsibilities of who's contributing what to the investment, both in terms of money and sweat, then there'll be no quarrels at the end. Be sure to document the agreement. 
  11. Thanks
    DerekT got a reaction from nicholas_b in Ray Dalio: Principles   
    If you're limited for reading time and prefer something visual, he's condensed his book into 30 minutes on YouTube! If you set the playback speed to 1.5x, even shorter! 
  12. Like
    DerekT got a reaction from nicholas_b in Negative interest rates   
    It's already here, albeit on one bank that I know of. If you hold a Starling Bank Euro Account, then I think it's -0.5% interest per month on holdings over €50,000, so if you hold €60,000, you get charged €50 for the privilege. I'm sure more will follow suit, or start adding account fees to previously free accounts.  
  13. Thanks
    DerekT got a reaction from stevebraut in Has anyone used readylet.co.uk ?   
    Hi Steve
    I haven't used them but did a quick Google on the company. Looks to be a husband/wife team, previously had ReadyLets Ltd which they dissolved in Sept 2020 after about 3 years, and opened up ReadyLets Properties Ltd in Jan 2020. Not sure why, looks like different SIC codes now. Accounts for new company not due yet, and their accounts for their previous company from 2018 seemed to have c.£230k in inventory with c.£260k due to creditors. Not sure why they'd have so much inventory? 
    It looks like they specialise in Durham/North East properties, but from their Contact Us and Privacy Notice pages, the address to direct queries is to an address in Woking Surrey, which is also where the registered address for the companies is, which is their accountant. So seems like they're based in Surrey but invest/source in Durham? Again, not sure if that's the case but might be worth asking.
    Checking a couple in the 'Sold' section and comparing to actual sold prices, take what you will from it:
    Ascot St, SR8 3RU - said it was on sale for £48k with tenants-in-situ. Taking a look on Mouseprice, 'recent' average sales don't come near that, all 3-bedders below £40k. William St, DL17 0DJ - said it was on sale for £42k with tenants-in-situ. Again, Mouseprice shows a couple of other 2-bed properties sold in May 2020 for £34k and £38k. As always, check if they're registered with the relevant associations (redress scheme/ombudsman, ICO). Do your due diligence on them and their deals. 
  14. Like
    DerekT got a reaction from dino v in Has anyone used readylet.co.uk ?   
    Hi Steve
    I haven't used them but did a quick Google on the company. Looks to be a husband/wife team, previously had ReadyLets Ltd which they dissolved in Sept 2020 after about 3 years, and opened up ReadyLets Properties Ltd in Jan 2020. Not sure why, looks like different SIC codes now. Accounts for new company not due yet, and their accounts for their previous company from 2018 seemed to have c.£230k in inventory with c.£260k due to creditors. Not sure why they'd have so much inventory? 
    It looks like they specialise in Durham/North East properties, but from their Contact Us and Privacy Notice pages, the address to direct queries is to an address in Woking Surrey, which is also where the registered address for the companies is, which is their accountant. So seems like they're based in Surrey but invest/source in Durham? Again, not sure if that's the case but might be worth asking.
    Checking a couple in the 'Sold' section and comparing to actual sold prices, take what you will from it:
    Ascot St, SR8 3RU - said it was on sale for £48k with tenants-in-situ. Taking a look on Mouseprice, 'recent' average sales don't come near that, all 3-bedders below £40k. William St, DL17 0DJ - said it was on sale for £42k with tenants-in-situ. Again, Mouseprice shows a couple of other 2-bed properties sold in May 2020 for £34k and £38k. As always, check if they're registered with the relevant associations (redress scheme/ombudsman, ICO). Do your due diligence on them and their deals. 
  15. Like
    DerekT got a reaction from damian q in Book recommendations please?   
    Hi Alex, 
    I've copied/pasted a list of books I've read in the last couple of years, hope it helps! Mix of property, entrepreneurial, mindset and auto-bio type books. Give us a shout if you have any queries. 
    I see you're based in London, so if you're in the SE or work in the city, more than happy to lend them to you too. 
    Book:
    Total recall - Arnold Schwarzenegger
    The Magic of Thinking Big by David Schwartz
    Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future
    100 Property Investment Tips - Rob Dix and Rob Bence
    Rich Dad Poor Dad by Robert Kiyosaki
    How to be a Landlord - Rob Dix
    The Richest Man in Babylon - George Clason
    The 4-Hour Work Week by Tim Ferriss
    How to Win Friends and Influence People by Dale Carnegie
    Rich Dad’s Cashflow Quadrant by Robert Kiyosaki
    The Property Coach - Aran Curry
    Think and Grow Rich - Napoleon Hill
    The Compound Effect by Darren Hardy
    The 7 Habits of Highly Effective People - Stephen R Covey
    Black Box Thinking: Marginal Gains and the Secrets of High Performance - Matthew Syed
    The Chimp Paradox: The Mind Management Programme to Help You Achieve Success, Confidence and Happiness Paperback - Prof Steve Peters
    Awaken the Giant Within - Tony Robbins
    Man's Search for Meaning - Frankl
    Secrets of the Millionaire Mind - T Harv Ecker
    Hot to Get Rich - Felix Dennis
    Never Split the Difference: Negotiate - Chris Voss
    Quiet: The Power of Introverts in a World that Can't Stop Talking - Susan Cain
    Thinking, Fast and Slow - Daniel Kahneman
    Millionaire Fastlane - M J DeMarco
    The Power of Habit by Charles Duhigg
    The Subtle Art of not giving a f*** – Mark Manson
    Shoe Dogs - Phil Knight
    Factfulness - Hans Rosling
    The One Thing  - Gary Keller
    Outliers - Malcolm Gladwell
    Mindset - Dr Carol Dweck
    You are a Bad Ass - Jen Sincero
    Miracle Morning - Hal Elrod
    Getting to Yes - Roger Fisher
    The Marshmallow Test
    The E Myth - Michael Gerber
    The 10x Rule - Grant Cardone
    Delivering Happiness – Tony Hsieh
    The Millionaire Next Door - Stanley and Danko
    How to fail at almost everything and still win big – Scott Adams
    Property Pension Plan
     
  16. Like
    DerekT got a reaction from jayw in BRR Excel Spreadsheet   
    Hi Rob, I have a 'deal analyser' tab on my Property Calculator Google Sheets here. You can try and give that a go to see if it helps? 
  17. Like
    DerekT got a reaction from winroww in BRR Excel Spreadsheet   
    Hi Rob, I have a 'deal analyser' tab on my Property Calculator Google Sheets here. You can try and give that a go to see if it helps? 
  18. Like
    DerekT got a reaction from bobby-m in Viewing Property - Check List?   
    Hi Jacquie
    Are you looking for a checklist for what to look for when viewing properties, or what to look for when searching for properties? If it's the former, then I've taken a screenshot of what I tend to use. There's a spreadsheet/printable version on my Google Sheets here.
    If it's the latter, then the properties will depend on your target demographics. For example, if you're targeting families, then good schools, amenities, transport links, good street/well kept houses etc. If you're targeting young professionals, then easy links or close to shops/restaurants, and these days maybe extra space to allow for working from home. And like you say, the usual ticket items like parking, especially if in London, and gardens given Covid restrictions. 
    Good luck on your journey!

  19. Like
    DerekT got a reaction from adviceseeker in Viewing Property - Check List?   
    Hi Jacquie
    Are you looking for a checklist for what to look for when viewing properties, or what to look for when searching for properties? If it's the former, then I've taken a screenshot of what I tend to use. There's a spreadsheet/printable version on my Google Sheets here.
    If it's the latter, then the properties will depend on your target demographics. For example, if you're targeting families, then good schools, amenities, transport links, good street/well kept houses etc. If you're targeting young professionals, then easy links or close to shops/restaurants, and these days maybe extra space to allow for working from home. And like you say, the usual ticket items like parking, especially if in London, and gardens given Covid restrictions. 
    Good luck on your journey!

  20. Like
    DerekT got a reaction from dino v in Our interview with Robert Kiyosaki (Rich Dad Poor Dad)   
    I listened to it during the afternoon school run and good to hear something a little different to the normal podcast. Like you dino, I was waiting for the bit where he suggests joining him and Success Resources at the next Rare Metals and Crypto event. But nice that it was just all discussion without the hard sell.
    I lost count the number of times he mentioned Buffet selling off bank and airline stocks. Don't think you need to be a Buffet to realise banks and airlines aren't the best industries to be investing in a pandemic. As with any downturn, gold is seen as the main defensive investment. 
    From recollection, Kiyosaki took advantage of the US section 1031 exchange to build his property wealth which would be nice if Rishi introduced!   
  21. Thanks
    DerekT got a reaction from DavidR in BTL Calculator Spreadsheet   
    Evening
    I have this one saved on Google Sheets that was based off of Rob's version, and then modified to include other details if it helps?
    Google Sheets - Property Calculator
  22. Like
    DerekT got a reaction from DavidR in New starter looking for advice for my first move   
    Hi Lawrence
    Quick query, how will you be funding the remaining 90% of the flip? If you're looking to flip, you won't be able to use a standard BTL mortgage to fund it.
    Also bear in mind the additional costs of legal fees, renovation expenses, finance costs, utility and council bills during the period you're renovating etc., so the £15k may be whittled away quite quickly.
  23. Like
    DerekT got a reaction from chazza in I plan to invest via Ltd. When to engage accountant?   
    Hi Chazza
    Probably best to speak to an accountant before you do all the above. That way, they can identify whether purchasing via a Ltd Co in the first place is right for your circumstances, goals and financial situation. They'll also be able to assist with arranging your finances to ensure you're the most tax-efficient and can help with setting up the limited company (although this is a fairly straightforward task). 
    For the deposit, if you are purchasing via a Ltd Co, then yes, the funds will be from the Ltd Co as will any finance/mortgage you need. The cost of the accounting advice is usually expensed against who's seeking the advice, so could be the Co. Although if it's the first year's accounts, it's more than likely you'll be running at a loss (unless you're deriving loads of rental income from that property), so you could expense it against your personal income depending on your tax position. 
  24. Thanks
    DerekT got a reaction from ChristianOliver in Possible changes to Corporation tax??   
    My take on it was that Christian was looking to release some funds within the Ltd Co. to purchase some more properties, but could have mis-read it. 
    They've already 'postponed' the reduction of Corp. Tax as it was meant to reduce to 17% back in April. As you've mentioned, rumours suggest the Treasury might be increasing it instead to 24%, so will need to ensure you claim as many deductions as possible! Other rumour is dividend tax might be increased...
    As Stuart points out, the Tories stated no tax increases, however this was pre-Covid, so anything is possible. 
    All those discount meals I ate on the Eat Out to Help Out scheme will have to be paid back somehow! 
  25. Like
    DerekT reacted to jdebsholland in Do you have a "refurbishment assessment form" you'd be happy to share?   
    Hi Derek
    Just found your spreadsheet. It's so helpful. Thanks for sharing such a useful resource.
    Deborah
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